This is the content shared by Deputy Minister of Planning and Investment Tran Quoc Phuong at the regular Government press conference in February 2024 held on the afternoon of March 2, 2024 in Hanoi.
Deputy Minister of Planning and Investment Tran Quoc Phuong provides information to the press on the situation of attracting foreign investment in early 2024 – Photo: VGP/Nhat Bac
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Foreign direct investment (FDI) registered capital increased significantly compared to the same period, with positive disbursement.
Deputy Minister Tran Quoc Phuong said that FDI registered capital reached $4.29 billion in the first two months of the year, a very high increase of 38.6% compared to the same period.
“Normally when reporting, the percentages are already alarming enough, but a 38.6% increase is a cause for celebration, showing that foreign investors are very interested,” the Deputy Minister shared.
Disbursement also shows positivity, increasing by 9.8%, equivalent to $2.8 billion, demonstrating the specific commitments of foreign investors in Vietnam. One noteworthy aspect of foreign investment in Vietnam is the high proportion of new capital and new projects, creating expectations for impact on growth in 2024 and 2025.
There are several important reasons that can be seen, firstly, the political stability, security and macroeconomic stability in Vietnam. Secondly, the results of high-level diplomatic visits of our country’s leaders and high-level diplomatic delegations of other countries to Vietnam, bringing specific results to attract foreign investment. Thirdly, foreign investors see and evaluate the potential and prospects of the Vietnamese economy in the coming years.
3 sectors that foreign investors are particularly interested in
Regarding the interest of foreign investors in Vietnam, Deputy Minister Tran Quoc Phuong mentioned 3 sectors.
The first is infrastructure and land. For large projects, the demand for land is very high. Investors have high requirements for infrastructure. Therefore, the solution for the land and infrastructure sector is to continue to improve and accelerate the progress of large-scale infrastructure projects as set out in the implementation of construction, especially by promptly implementing the guidance documents in the early days of the effective implementation of the Land Law. This is something that not only the Vietnamese people but also foreign investors are eagerly awaiting and interested in. Because the Land Law has many new points, removing obstacles for promoting the investment and development of increasing exports.
The second sector that investors are interested in and we need to focus on breakthrough measures is human resources. For foreign investors, with large-scale projects, the demand for human resources is very high. We have the advantage of abundant human resources, still in the golden population period. But what we need to focus on more is the level, skills of the workforce. This is also something the Government, the Prime Minister is extremely concerned about, and all ministries must work together to quickly improve the qualification of Vietnamese workers. Through this, we can improve the quality of growth in labor productivity.
The third sector that foreign investors are interested in and we continue to focus on implementing breakthroughs is the institutional sector. Recently, the Government has submitted and the National Assembly has approved many new breakthrough policies that have a positive impact on growth and investment attraction, such as the Land Law, the Bidding Law, and other laws. Or simply the regulations on entry and exit or visa procedures. Another important issue that needs to be focused on research is policies that are encouraging and creating optimal conditions for large-scale investors to implement large-scale projects in Vietnam, with attractiveness and optimization to attract foreign investors.
In the three sectors, they can be divided into many specific sectors, but in general, there are three major breakthrough policy groups that need to be focused on implementing in the coming time. Among them, improving the investment and business environment, especially administrative procedure reform, always receives high attention. This has been mentioned in Resolution 02 of the Government and will continue to be implemented vigorously.
